Rupee closes at historic low against dollar: Rs.80.86 to one dollar

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Ahmedabad. 22 September 2022, Thursday

The Indian currency rupee opened at a record low against the dollar today and continued to weaken to close at an all-time low. The rupee closed at 80.86 against the dollar, a drop of 88 paise in a single day, when trading in the forex market was closed.

After opening at a record low of 80.28 against the dollar, the rupee fell further to 80.37 within moments when trading began on Thursday. In the global market, the rupee remained under constant pressure against the dollar today as the US dollar index hit a two-decade high of 112, with the Federal Reserve raising interest rates. India's current account deficit is increasing, the country's foreign exchange reserves are falling, and the effect is also being seen on the rupee.

Yesterday, the Federal Reserve announced a 0.75 percent increase in the fed funds rate in the United States today. With this, the interest rate has now increased from 3 to 3.25 percent. Along with this, the economic growth rate in America has been reduced to only 0.25 percent. Such high interest rates were last seen in 2008.

Read more: Federal Reserve raises interest rates to highest since 2008

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